Imax (FRA:IMA) Cyclically Adjusted PB Ratio: (As of Jul. 25, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:IMA Imax Corp FRA:IMA
69 GF Score
Price €39.20
GF Value €21.13
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Imax Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Imax  (FRA:IMA) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Imax Cyclically Adjusted PB Ratio Related Terms


Imax Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Imax's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Imax Cyclically Adjusted PB Ratio Chart

Imax Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.45 1.87 1.86 3.17 4.61

Imax Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.43 4.02 4.61 4.75 0.00

FRA:IMA vs AMC, BATRA, IQ: Cyclically Adjusted PB Ratio Comparison

For the Entertainment subindustry, Imax's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Imax Cyclically Adjusted PB Ratio vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Imax's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Imax's Cyclically Adjusted PB Ratio falls into.


FRA:IMA
69GF Score
Imax Corp FRA:IMA
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Imax Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Imax's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Imax's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=5.461/134.0005*134.0005
=5.461

Current CPI (Jun. 2026) = 134.0005.

Imax Quarterly Data

Book Value per Share CPI Adj_Book
201609 7.572 101.765 9.971
201612 8.053 101.449 10.637
201703 7.875 102.634 10.282
201706 7.078 103.029 9.206
201709 6.742 103.345 8.742
201712 6.893 103.345 8.938
201803 6.952 105.004 8.872
201806 7.222 105.557 9.168
201809 7.350 105.636 9.324
201812 7.328 105.399 9.317
201903 7.448 106.979 9.329
201906 7.483 107.690 9.311
201909 7.814 107.611 9.730
201912 8.057 107.769 10.018
202003 7.064 107.927 8.771
202006 6.629 108.401 8.194
202009 5.753 108.164 7.127
202012 5.497 108.559 6.785
202103 4.988 110.298 6.060
202106 4.900 111.720 5.877
202109 4.847 112.905 5.753
202112 5.373 113.774 6.328
202203 5.243 117.646 5.972
202206 4.906 120.806 5.442
202209 4.932 120.648 5.478
202212 4.591 120.964 5.086
202303 4.517 122.702 4.933
202306 4.575 124.203 4.936
202309 4.925 125.230 5.270
202312 4.703 125.072 5.039
202403 4.525 126.258 4.803
202406 4.712 127.522 4.951
202409 4.950 127.285 5.211
202412 5.402 127.364 5.683
202503 5.155 129.181 5.347
202506 5.165 129.892 5.328
202509 5.535 130.287 5.693
202512 5.351 130.366 5.500
202603 5.290 132.262 5.360
202606 5.461 134.001 5.461

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Imax (FRA:IMA) Overvalued in 2026?

Based on GuruFocus' analysis, Imax stock appears to be overvalued. The current stock price of €39.20 is trading 85.5% above its estimated GF Value™ of €21.13. GuruFocus considers Imax to be Significantly Overvalued.

Key valuation signals for FRA:IMA:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €21.13 vs. price of €39.20 (85.5% above fair value)
  • GF Score™: 69/100 with 6 warning signs

No single metric tells the full story. See the FRA:IMA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Imax Business Description

Other Exchanges IMAX:USA
Address 2525 Speakman Drive, Mississauga, ON, CAN, L5K 1B1
Imax Corp is a technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers end-to-end solution to create superior, immersive content experiences for which the IMAX brand is globally renowned. The Company has two reportable segments being Content Solutions and Technology Products and Services. The Company leverages its proprietary technology and engineering in all aspects of its business, which principally consists of the IMAX film remastering and the sale or lease of premium IMAX theater systems.
69GF Score

Get the complete analysis for FRA:IMA

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€39.20
Price
€21.13
GF Value